The Kusama parachain crowdloan auction, wherein interested projects can bid to book a slot, is currently ongoing.
Kusama (KSM) is well-known as a canary network of Polkadot, strategically designed to cater to the needs of designers and developers looking to test implementations and experimentations. These tests are usually very important before the official launch of these features on the mainnet. It is crucial to note that Kusama isn’t a testnet but has been built to function simultaneously with the Polkadot network. Parachains connect to the network via a slot, which are being auctioned. Thus, the interest in Kusama crowdloan projects vying for said slots.
A crowdloan, simply put, is a way for new projects to raise funds as well as gather much-needed support to facilitate their connecting with the Kusama network. Projects are seeking contributions from their communities in order to bid for a slot on Kusama. Once the parachain lease period expires, the locked Kusama native tokens (KSM) will be returned to users.
To keep users informed of the ongoing auction, we are listing four (4) of the top projects taking part in the auction.
Our list of top projects for the Kasama crowdloan auction are:
Moonriver (MOVR) Network
To secure enough funds, the Moonbeam Foundation is running a crowdloan event for the Moonriver project. This, in turn, will help the project secure a parachain slot to connect with Kusama. Interested participants will need to lock up their KSM tokens in exchange for the native network token. Once a slot is successfully won, and the lease period has also been actualized, the locked tokens will be released to participants. Also, 3 million tokens will be shared amongst crowdloan participants as rewards. The tokens will be distributed in accordance to a user’s KSM contribution to the network.
The total token supply for Moonriver (MOVR) is 10 million, with an allocation of 30%, and a lease period of 48 weeks.
2. Phala Network (K-PHA)
Phala Network’s pre-mainnet platform is the Khala Network, which features the K-PHA native token. Khala Network is also one of the projects bidding for a slot on Kusama. Khala plans on joining the auction when the second slot is released. The K-PHA tokens have a token supply of 1 billion, a reward of 100 K-PHA, and also an allocation period of 48 weeks. Every KSM allocated to support the crowdloan will get 100 PHA until the 15 million PHA reward pool is exhausted.
3. Shiden Network (SDN)
Shiden Network is also looking to be launched as a parachain on Kusama. The network total token supply is 70 million alongside an allocation of 22%, a 25+ SDN reward, and also a lease period of 48 weeks. All participants in the C crowdloan will also be given an exclusive and rare NFT.
4. Karura (KAR)
Karura is also known as the “DeFi hub of Kusama.” It is a decentralized, scalable, and multi-chain network looking to successfully bid on a slot in the ongoing crowdloan auction. The Karura (KAR) total token supply is 100 million, with an allocation of 11%, a 12+ KAR reward per KSM contributed, and a lease period of 48 weeks.
Find out more about how to participate in the Kusama auctions.
At the time of publication, KSM price was $508.40 with a 24-hour trading volume of $879,954,376. It also has a circulating supply of 8.98 million KSM coins and a max supply of 10 million.
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